Do Long-Term Shareholders Benefit From Corporate Acquisitions?
分析1970-1989年间947起收购案例，发现股票并购后五年平均超额收益为-25%，而现金要约收购后为+61.7%，且目标公司股东持有收购方股票并未获得显著正收益。
Using 947 acquisitions during 1970–1989, this article finds a relationship between the postacquisition returns and the mode of acquisition and form of payment. During a five-year period following the acquisition, on average, firms that complete stock mergers earn significantly negative excess returns of −25.0 percent whereas firms that complete cash tender offers earn significantly positive excess returns of 61.7 percent. Over the combined preacquisition and postacquisition period, target shareholders who hold on to the acquirer stock received as payment in stock mergers do not earn significantly positive excess returns. In the top quartile of target to acquirer size ratio, they earn negative excess returns.